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Crescent Energy Company issues news about its U.S. exploration and production business, including crude oil, natural gas and NGL operations and minerals and royalty interests. The company operates in one reportable segment, with activity focused in the Eagle Ford, Permian and Uinta basins and a strategy that includes acquisitions, development inventory and return-of-capital disclosures.
Recurring updates include quarterly and annual financial results, conference-call announcements, operating outlooks, production and development commentary, commodity derivative settlements, acquisition-related portfolio updates, and capital-structure actions such as convertible senior notes, debt exchanges and consent solicitations.
Crescent Energy (CRGY) has announced a conference call and webcast scheduled for March 10, 2022, at 10 a.m. CT to discuss its full-year 2021 financial and operating results. The earnings release will be available on their website after market close on March 9, 2022. Investors can access the conference call by dialing 877-407-0989 (domestic) or 201-389-0921 (international). A replay of the webcast will also be accessible on their website following the event.
Crescent Energy (NYSE: CRGY) has announced an agreement to acquire Uinta Basin assets from Verdun Oil Company II LLC for $815 million. The all-cash transaction is set to close in H1 2022, enhancing Crescent's production in the Rockies and adding proven, high-return development locations. Key metrics show an expected 55% increase in annualized cash flow per share and a pro forma net debt to LTM adjusted EBITDAX ratio of 1.4x. The acquisition aligns with Crescent's strategy to maintain financial strength while expanding its operational scale.
Crescent Energy Company (NYSE: CRGY) has joined the Oil & Gas Methane Partnership (OGMP) 2.0 Initiative to improve its methane emissions reporting. This initiative, backed by the UN Environment Programme, sets a standard for measuring and reducing methane emissions in the industry. CEO David Rockecharlie emphasized the importance of accurate data for managing emissions. The company recently formed an ESG Advisory Council and released its inaugural ESG report, reinforcing its commitment to environmental, social, and governance (ESG) standards.
Crescent Energy Company (NYSE: CRGY) announced a private placement of $200 million in 7.250% Senior Notes due 2026, increasing from a previously announced $150 million. The offering is set to close on February 10, 2022, and proceeds will be used to repay part of its revolving credit facility. The Notes will pay interest bi-annually, starting May 1, 2022, and are offered to eligible institutional buyers under Rule 144A and Regulation S of the Securities Act. The Notes will be treated as a single class with existing notes issued in May 2021.
Crescent Energy Company (NYSE: CRGY) announced a private placement of $150 million in 7.250% Senior Notes due 2026. The offering, conducted by its subsidiary Crescent Energy Finance LLC, aims to refinance a portion of its revolving credit facility. These new notes will have similar terms to existing 7.250% Senior Notes issued in May 2021. The notes are not registered under the Securities Act and will be sold to qualified institutional buyers. Notably, the company continues to navigate uncertain market conditions, impacting its financial strategies.
Crescent Energy Company (NYSE: CRGY) reported year-end 2021 proved reserves of 532 million barrels of oil equivalent (MMBoe), valued at approximately $5.2 billion SEC PV-10. For 2022, the company anticipates $800-$850 million in Adjusted EBITDAX and $325-$375 million in levered free cash flow based on a $75 per barrel oil price. Organic capital investment is expected to range from $375-$425 million, predominantly in the Eagle Ford region. The company plans to return an estimated $80-$85 million to shareholders through dividends, implying a quarterly payout of $0.12 per share.
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Crescent Energy Company (NYSE: CRGY) announced its pro forma financial results for the nine months ended September 30, 2021, following its merger with Independence Energy and Contango Oil & Gas. The company reported annualized production of 115 MBoe/d and total revenues of $1.25 billion, despite a net loss of $678 million due to significant unrealized derivative losses. Crescent emphasizes a disciplined capital expenditure program, achieving $286 million in levered free cash flow. Looking ahead, Crescent plans to initiate quarterly dividends based on adjusted EBITDAX and release annual guidance early 2022.
Crescent Energy Company (NYSE: CRGY) has successfully completed the merger with Independence Energy LLC and Contango Oil & Gas Company, leading to the establishment of a diversified energy entity. Trading under the symbol CRGY commenced on December 8, 2021. The transaction allows for a share exchange at 0.2000 shares of Crescent Class A Common Stock for each eligible share of Contango. With a pro forma production of approximately 119 MBoe/d in Q2 2021, Crescent aims for cash flow stability, risk management, and growth through low-risk asset acquisition.